Giving up 100 pips is ridiculous in my opinion. P.S i know this is dependent on style and depth of pocket. But, I would personally have a hearth attack if I lost 100 pips.
If you're playing for an intermediate or long-term reversal, sometimes you need to have 100+ pips stops to stay in the trade, depending on how closely you can or want to monitor the position -- micromanaging longer term positions usually gets me into more trouble than it's worth. Generally I try to get the best initial entry that I can, and have relatively tight stops. However, once the position goes my way, I don't mind giving open profits alot of room to breathe until the idea plays out.
I agree, everyone has their own style and tolerance. Personally I try to hit every leg. All that matters is that you make money in the end, how you reach your goal is not as important. But I still have to say giving up 100 points would kill me (emotionally) , I'm viciously competitive when it comes to fx. ozzy
If i'm at support/resistance: 5 pips stop whatever the time-frame is. Quick-buck: 5 pip stop Short-swing: 15 pip stop Half-day trade: 30 pip Few days: 50 pips Intra week trade: 100 pips Long term: 300-500 pips.
During the EUR 1220pip plunge of the last few months there has been a few bounces of well over 100pips. Since this is the trend I might change my current 50pip stop on an open EUR/USD (1.2216) short trade to 200pips. My leverage is 200:1 on a 10K order ($50.00) so this would change my maximum loss from $50.00 to $200.00 (400% potential loss, unlimited gain). I have a few hours to think about this.